Customs officers stand next to part of a 33 rhino horns shipment seized by customs in Hong Kong. REUTERS
Customs officers stand next to part of a 33 rhino horns shipment seized by customs in Hong Kong. REUTERS

Conservationists alarmed as China eases ban on tiger and rhino parts



China unveiled rules on Monday that would allow the use of rhino horn and tiger parts for some medical and cultural purposes, watering down a decades-old ban in a move conservation group World Wide Fund for Nature said could have “devastating consequences”.

China’s State Council issued a notice replacing its 1993 ban on the trade of tiger bones and rhino horn. The new rules ban the sale, use, import and export of such products, but allow exceptions under “special circumstances”, such as medical and scientific research, educational use, and as part of “cultural exchanges”.

Horns of rhinos or bones of tigers that were bred in captivity could be used “for medical research or clinical treatment of critical illnesses”, it said.

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Rhino horn and tiger products classified as “antiques” could be used in “cultural exchanges” with the approval of culture authorities, although they still may not be sold on the market or exchanged via the internet.

The rules came into effect on October 6.

WWF said in a statement that Beijing’s move would have “devastating consequences globally” and be “an enormous setback to efforts to protect tigers and rhinos in the wild”.

“Even if restricted to antiques and use in hospitals, this trade would increase confusion by consumers and law enforcers as to which products are and are not legal, and would likely expand the markets for other tiger and rhino products,” the WWF said.

Beijing banned trade in tiger bones and rhino horns, both prized in traditional Chinese medicine, 25 years ago as part of global efforts to halt declining animal stocks. But illegal poaching has continued, driven by demand in an increasingly affluent country.

Commercial tiger farms in China are legal, and although using tiger bones in medicine was banned, tiger parts from these farms often end up being made into tonics or other medicines, animal rights groups say.

Conservation groups say Chinese traditional medicine recipes can make use of substitutes for products from wild animals. Some Chinese officials have in the past said full bans on the use of wild animal parts would threaten traditional Chinese medicine.

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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